Here’s what you need to know about retiring in the UAE
Retirement doesn’t necessarily mean packing up and leaving the UAE.
If you’ve spent years building a life here, or you’re considering making the UAE your retirement destination, there is a Retirement Residence visa that could allow you to stay without being tied to employment.
The good news is you don’t necessarily need to own a million-dirham villa outright. There are several ways to qualify, depending on your finances.
So, who can qualify?
The key figure to remember is AED 1 million, although there is also an income-based route.
You can qualify if you meet one of the following financial criteria: you have AED 1 million invested, you must hold an investment worth at least AED 1 million, you own UAE property worth AED 1 million
Property owners can qualify if they own one or more properties in the UAE with a purchasing or market value of at least AED 1 million.
The property must be valued by the relevant authority in the emirate where it is located.
And yes, mortgaged property can count. However, at the time you apply, the amount already paid towards releasing the mortgage must be at least AED 1 million.
Another option is a financial deposit of at least AED 1 million, either inside or outside the UAE.
If the money is held outside the country, it must be transferred and deposited with a financial institution in the UAE within 60 days of your residence permit being issued. This doesn’t apply if the deposit is already invested in the UAE.
Don’t have a million dirhams sitting in a bank account or a million-dirham property? There’s another route.
You can qualify if you have a fixed annual income of at least AED 240,000, or the equivalent in another currency.
That works out at AED 20,000 a month, so this option could be particularly relevant if you have a substantial pension, investment income or other reliable source of funds.
What documents will you need?
Naturally, you’ll need to prove that you meet the financial requirements.
You’ll need a bank statement from a bank licensed to operate in or outside the UAE showing a deposit of at least AED 1 million. The deposit must remain in place for at least two years.
You’ll need a property value certificate issued by the Department of Municipalities and Transport (DMT) or the relevant authority responsible for property registration in the emirate.
You’ll also need a search certificate confirming that the property isn’t subject to seizure and has a value of at least AED 1 million.
Qualifying through income? You’ll need a bank statement showing an annual income of at least AED 240,000 (or its equivalent in another currency).
How do you apply?
Applications for the Retirement Residence visa fall under the UAE’s Non-Work Visa rules and can be submitted through the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP).
Before applying, make sure your financial documents are up to date and that you have the relevant property, deposit or income evidence ready.
If you’re approaching retirement and don’t fancy leaving your UAE lifestyle behind, there are several ways to qualify for residency.
AED 1 million in property, investments or deposits, or AED 240,000 in annual income – could be your ticket to staying put.
So, if retirement is on the horizon, it might be time to look at your finances a little differently.
For further information, visit added.gov.ae
